BOLTON WANDERERS enter the administration as a loan company BluMarble to get their money back.
The Essex-based company owes about £ 5 million to Wanderers and has notified the outstanding amount to be paid.
BluMarble are the main creditors of Bolton and have a claim on the stadium as security against the money they lent when Ken Anderson and Dean Holdsworth took over the club.
Wanderers face a possible 12-point penalty by the Football League while BluMarble steers managers to get their money.
There are several other creditors with different charges against Bolton, but BluMarble has been the biggest problem for nearly two years.
Bolton chairman Anderson said: "The amount the club received was £ 4 million and I offered to pay back this plus significant interest, but unfortunately this offer was rejected.
"I am sure they will live to regret their actions for what can only have been personal reasons, and their actions are not commercially logical.
"As I understand it, they are currently negotiating against their own lawyers in connection with a negligent claim on the original transaction with Sportshield Ltd and expecting to receive substantial compensation from the PI insurance of the lawyers and this can explain their actions.
"They will now have to finance the club board in the future, which will take a minimum of three months and will automatically place the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
"In my opinion, their actions will significantly reduce the value of the club with regard to future sales and will make it much more difficult to find a future investor / buyer."
The club has let the BluMarble loan linger since Holdsworth used their money to keep the club running after taking it from the previous owner Eddie Davies.
There are other loans at the club and those creditors, including Davies, are now experiencing a financial loss during the administrative process.
BluMarble has no plans to run Bolton, but will find a buyer who makes an offer that recovers their money.
Anderson had been looking for £ 25 million of buyers for Bolton in recent months. Now a new owner can pick it up slower if BluMarble is satisfied with the deal.